Under the proposals, six circular apartments are planned for the former lighthouse itself, while an adjoining block will be constructed to provide an additional 200 beds.

According to developers, the proposed use as student accommodation is the perfect way to meet the demand for student beds, whilst making use of a redundant building on an isolated site.

To avoid detracting from the tower itself, the adjoining modern block will be clad with matching red and white stripes.

A spokesman for developers Weare J. King Ltd, said: "Students already spend a lot of time drinking, skating and having barbecues on the Hoe. It makes a lot of sense to provide handy accommodation for them."

At the very top of the tower, the accommodation will feature a penthouse apartment and panoramic windows will preserve the nature of the building.

Under the plans the council-owned building would be leased to the developers on a 25-year deal. Included in the contract will be a clause that the lighthouse can be returned to public ownership if it's required to flash again.